Baxter Bros Inc. Sells 3,680 Shares of Devon Energy Co. (NYSE:DVN)

Baxter Bros Inc. trimmed its stake in shares of Devon Energy Co. (NYSE:DVN) by 15.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,890 shares of the energy company’s stock after selling 3,680 shares during the period. Baxter Bros Inc.’s holdings in Devon Energy were worth $651,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sfmg LLC grew its holdings in shares of Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares during the last quarter. Redwood Wealth Management Group LLC raised its position in Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the last quarter. Annex Advisory Services LLC increased its stake in shares of Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after buying an additional 327 shares during the period. Finally, Fiduciary Trust Co raised its holdings in Devon Energy by 3.1% in the 3rd quarter. Fiduciary Trust Co now owns 11,074 shares of the energy company’s stock valued at $433,000 after buying an additional 329 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Raymond James cut their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Mizuho decreased their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Barclays boosted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Price Performance

DVN stock opened at $36.97 on Tuesday. The company has a market capitalization of $24.00 billion, a P/E ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The business has a 50-day simple moving average of $35.46 and a two-hundred day simple moving average of $36.95. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.60%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is presently 21.05%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.